How does Filecoin's white paper propose to solve the challenges of decentralized storage in the cryptocurrency industry?

1 answers

• Mubbashir AliMay 18, 2024 · 2 years ago
  Decentralized storage has always been a challenge in the cryptocurrency industry, but Filecoin's white paper proposes an innovative solution. By utilizing unused storage space on individuals' computers, Filecoin creates a decentralized storage network that is highly resilient and secure. The proof-of-replication and proof-of-spacetime consensus mechanisms ensure that data is stored reliably and cannot be altered. Moreover, the market-driven approach using Filecoin as a native cryptocurrency incentivizes participation from both storage providers and clients, ensuring the availability of storage resources. With Filecoin, the challenges of decentralized storage in the cryptocurrency industry are effectively addressed.
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